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Wait | 31 October 2022

31 October 2022, EUR/USD

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Technical observation

On the chart above, price is trading with an increasing bearish bias between the supportive level 0.9596 and the resistance zone 1.0367-1.0325 and I expect a loss of this downwards movement followed by a correction to the zone I have mentioned above. My advice, remain flat and wait for a pullback to the zone indicated above then sell a bounce within it with your take profit at 0.9596 and stop-loss at 1.0613. If there is a clear break below the level 0.9596 with a big red candle, I expect the value if this pair to descend further after a pullback to the broken line and a rejection at it. I can only recommend bullish positions above the zone 1.0367-1.0325.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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